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News 2 years ago

Could something worse than Evergrande default happen? Bitcoin may attract a big test

Yesterday, the global market experienced Black Monday, and high-risk assets (including the cryptocurrency market) experienced large-scale panic selling: Affected by the Evergrande crisis, the Hang Seng Index’s decline once expanded to 4%, which once set a new low for the year. The technology index and the FTSE China A50 Index also fell more than 4% during the intraday session; the three major U.S. stock indexes opened sharply lower during the night, the Dow fell nearly 970 points (2.8%), and the S&P fell more than 127 points (2.9 %), the Nasdaq fell 330.06 points (2.19%), the “panic index” CBOEVIX surged 38% and broke 28, reaching its highest level since May; stock markets in Germany, Britain, Australia and other places also fell collectively, oil prices, cryptocurrency digital assets It was not spared either.

Among them, Bitcoin fell more than 10% to US$42,500 per coin in 24 hours, a record low since August; Ethereum once fell below US$3,000 per coin, and fell by more than 10% within 24 hours. As of the publication of the article, Bitcoin and Ethereum are still hovering at around US$42,500 per coin and US$3,000 per coin respectively.

Contrary to the setbacks of risky assets across the board is the rise in safe-haven assets, and both the US dollar index and gold have begun to rise.

As the holiday ends, how will the cryptocurrency market perform? In the past few days, the cryptocurrency market has suffered a lot of bad news, but something worse may happen in the market in the next month.

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